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Store research was conducted by The Grocer across all the price cut found the Co-op was now the cheapest or joint cheapest on a raft of everyday products

The Co-op’s £50m price investment has succeeded in making it much more competitive with its main convenience rivals, research by the Grocer reveals.

Comparison of prices at Tesco Express and Sainsbury’s Local stores, which have been the main targets of the cuts, found the Co-op was now the cheapest or joint cheapest on a raft of everyday products.

The store research was conducted by The Grocer across all the price cut products flagged up on the Co-op’s website. It found the Co-op was cheaper or the same price as its rivals on 80% of products directly comparable with both retailers.

Before last week’s move, which saw the retailer slash prices on 600 products by an average of 14%, it was either the most expensive or joint most expensive on a third of those items - and was cheapest on none.

Items for which the Co-op had previously been the most expensive include a tin of baked beans, where its price was previously 17p more than both its rivals. It is now 3p less at 32p.

The Co-op had also previously been the joint most expensive on cucumbers but at 45p it is now 5p cheaper than its nearest rival, Sainsbury’s Local.

Meanwhile, on a multipack of peppers The Co-op had been 14p more expensive than its cheapest rival Tesco, but is now offering the product at 95p, 14p less.

Other products for which the Co-op is now the cheapest destination among the three convenience players include spaghetti (500g), where it had been 25p more than Tesco Express but is now 4p cheaper and 39p cheaper than Sainsbury’s Local.

Co-op retail CEO Jo Whitfield said the retailer had cut prices to make household budgets go further, but experts said the move had been long overdue and had made the Co-op much more competitive against its chief convenience rivals.

“They have sensibly made cuts to products which form part of a typical top up shop. They have gone for everyday essentials rather than more esoteric items you might find in a bigger shopping trip,” said TCC Global insights director Bryan Roberts, “Tesco Express and Sainsbury’s Local stores are definitely the main rivals in this space. The Co-op has improved the range, hugely increasing the quality of their own label line up and overhauling promotions. Pricing has been the missing piece of the jigsaw.”

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